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The following abridged statement of financial position of Capricorn CC is provided to you. At...

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Accounting

The following abridged statement of financial position of Capricorn CC is provided to you. At this stage, Barry decided to sell 1/5 of his interest to Rita. Rita obtained the interest at a value of $25 000, of which $15 000 was paid into the bank account of the CC as a loan to the credit of Barry. Rita paid the balance of the selling price to Barry from private funds. You are required to: 1. Calculate the members' interest. 2. Prepare the statement of financial position for the CC after the change in memberships' interest. (no comparison figures or notes are required)

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